China National Bureau of Statistics: Jan-May new commercial housing sales area 313.2 mln sq m, down 10.8% YoY; residential sales area down 12.1%. New commercial housing sales value CNY 2,936.6 bln, down 13.5%; residential sales value down 14.1% YoY. Developers’ building construction area 5,487.8 mln sq m, down 12.3%; residential construction 3,808.3 mln sq m, down 12.6%. New starts 179.3 mln sq m, down 22.6%; residential starts 130.8 mln sq m, down 23.4%. Completions 140.9 mln sq m, down 23.4%;

Goldman Sachs said industry feedback points to accelerating aluminum supply growth, driven by strong margins domestically and abroad, and now expects Chinese capacity to exceed 48.0 mln t by end-2026. The bank forecasts SHFE spreads to narrow from RMB8,879/ton in 1H26 to RMB4,250/ton in 2027, which it says would cut recurring 2027 profits for Aluminum Corp of China (02600.HK) and China Hongqiao (01378.HK) by about 50% and 40%, respectively. Goldman downgraded Aluminum Corp of China to Sell and trimmed its 12‑month PT to HK$7.5; it kept China Hongqiao at Neutral and lowered its PT to HK$26.

European Commission spokesperson: we remain in contact with ANTHROPIC on these and other issues.